Cuomo and legislative leaders say they have a deal to restructure state income tax

Thumbnail image for NYS Capitol from ESPAndrew Cuomo and legislative leaders announced today that they've reached a deal to restructure the state's income tax.

The Cuomo admin is touting the restructuring as an attempt to "restore fairness to the tax system." Basically, it makes the tax structure more progressive -- that is, the more a person makes, the higher their rate. The admin says 4.4 million New Yorkers will get a tax cut under the new structure.

So, if you're under $300,000 (and more than $40k), you would get a tax cut under this arrangement. Above $300k, your taxes are going up (compared to the rate from a few years back). [NY Post]

As usual, it's little (or a lot) more complicated than that. The bracket breakdown in the press release doesn't really tell the whole story because it doesn't include the temporary personal income surcharge ("millionaire's tax") that's currently in effect -- the TU's Jimmy Vielkind has put together a spreadsheet that makes it a bit more clear.

The Cuomo admin says the new structure generates $1.9 billion in additional revenue for the state -- though that's about $2 billion less than what was generated by the "millionaire's tax", which expires at the end of this month. [NYT] [TU CapCon]

The deal announced today also includes funding for infrastructure projects, support for a constitutional amendment to allow full casino gaming, grants for flood recovery, a few other initiatives.

If you're thinking to yourself: "Wait, did I miss the part where this was all discussed and debated publicly?" The answer is: no, of course not. This is New York.

Comments

Everyone and their mother has been pontificating about the millionaire's tax for at least the past three years. So I don't see it as true that this was not "discussed and debated publicly."

Yes, Bob, execpt in the Capitol. There was no recorded, public discussion in either chamber of Legislature.

Blog discussions don't exactly count as our representatives publicly debating policy.

Overall, the cuts to the lower/middle classes are miniscule as is the hike to the upper class. What a joke...

I'd say that this is an improvement. At a time of rapidly growing wealth disparity, the proposed tax code is more progressive than what we would have otherwise got. So that's progress. Incremental progress, but progress. Am I missing something? (Really, I want to know).

Say Something!

We'd really like you to take part in the conversation here at All Over Albany. But we do have a few rules here. Don't worry, they're easy. The first: be kind. The second: treat everyone else with the same respect you'd like to see in return. Cool? Great, post away. Comments are moderated so it might take a little while for your comment to show up. Thanks for being patient.

What's All Over Albany?

All Over Albany is for interested and interesting people in New York's Capital Region. In other words, it's for you. It's kind of like having a smart, savvy friend who can help you find out what's up. Oh, and our friends call us AOA.

Search

Recently on All Over Albany

Stuff to do this weekend

It's Memorial Day weekend. The official unofficial kickoff to the summer season. There are plenty of picnics, barbecues, and just general hanging out to do,... (more)

Working out the design of the Albany Skyway

The Albany Skyway project is continuing to move forward, and this week the engineering team heading up the design work presented a few potential concepts... (more)

First house on the street

History + houses + maps = this chronicle of house building in Niskayuna by Guy Spiers. It's remarkable to see how house were clustered in... (more)

Collar City Candle Craft + Draft BBQ at Lansing Farm

This is something a little different and summery: Collar City Candle is hosting a Craft + Draft BBQ event at Lansing Farm in Colonie Sunday,... (more)

There's another rail trail public art project this summer, and the call for artists is open

We mentioned this in the rail trail post this week, but it's worth highlighting: The call for artists is currently open for the next public... (more)

Recent Comments

Although I think the city is best served by having the state decommission and demolish this section of highway, if it is to be, then a couple things to consider. First, a big challenge is integrating the trail with Broadway along the exit ramp that feeds B'way from 787.The second is covering the cost of maintenance, not only of the linear park, but of the framework holding it aloft. ...

Working out the design of the Albany Skyway

...has 9 comments, most recently from Greg

Collar City Candle Craft + Draft BBQ at Lansing Farm

...has 1 comment, most recently from Dave

The Helderberg-Hudson Rail Trail is set to get a new paved section this summer, and a few more bits about its future

...has 11 comments, most recently from Zed F

Recycled robots

...has 1 comment, most recently from Herbert

Civil War walking tour of Albany Rural Cemetery

...has 4 comments, most recently from Amy